April’s Fed hold came with the most dissent since 1992.

On April 29 the Fed issued a standard hold: activity expanding at a solid pace, the Committee attentive to both sides of the mandate, funds rate unchanged at 3-1/2 to 3-3/4 percent.

CNBC described it as the highest level of dissent since 1992 and, potentially, Chair Jerome Powell’s final meeting before the leadership transition. Markets had fully priced a hold. What they could not price was how a more divided Fed would talk about the next hike — or cut — once a new chair took the gavel.

For clients, April was another reminder that policy uncertainty itself is a cost. Lock when the payment works. Do not build a 2026 business plan that only works if the next chair cuts.

Sources: Federal Reserve FOMC statement (April 29, 2026); CNBC (April 29, 2026).